• AUD/JPY tested but failed to clear solid resistance around the 100 and 200-day EMAs.
• AUD/JPY Price Analysis: A break above 91.70 could open the door for additional gains.

The AUD/JPY edged up during Monday’s session, though it faltered to clear the 200-day Exponential Moving Average (EMA) around 91.66, retracing from the daily highs, and aimed toward January 4 highs around 90.88. As Tuesday’s Asian Pacific session begins, the AUD/JPY is trading with minuscule gains of 0.01%, at around 91.11.

AUD/JPY Price Analysis: Technical outlook

AUD/JPY Monday’s price action witnessed the formation of an inverted hammer preceded by a slight uptrend after the AUD/JPY bottomed at around 87.40s, forming a double bottom. Albeit AUD sellers pushed exchange rates toward’s 91.05, they failed to achieve a daily close beneath that price level, which would have opened the door for further losses and invalidated the chart pattern.

However, the AUD/JPY might consolidate in the near term and depend on market sentiment and Aussie (AUD) upbeat news. So if the AUD/JPY is to resume its uptrend, it would need to decisively reclaim the 100 and 200-day EMAs at around 91.57 and 91.66, respectively, which, once cleared, could open the door for further gains.

If that scenario plays out, the AUD/JPY first resistance would be 92.00. A breach of the latter will send the cross rallying toward December’s 13 daily high of 93.35, followed by the 94.00 figure and the 95.00 mark.

AUD/JPY Key Technical Levels